Behind the smile In January this year, Shaktikanta Das said “ensuring good governance structure constitutes the first line of defence on financial stability. An effective early warning system is necessary. Risk management in banks and non-banking financial companies (NBFCs) should evolve with changing technology and international best practices”.

       The Reserve Bank of India’s (RBI’s) governor was delivering the Nani Palkhivala Memorial Lecture. In April, private banks got a taste of his medicine. The RBI capped the maximum term for bank corner-room occupants at 15 ...